AI Summary
5 min readThe US economy added just 29,000 jobs in September, far below the 84,000 economists expected, but the unemployment rate held at a historically low 4.2%. Tom Cruise's latest film, Digger, bombed on opening weekend with only $8 million domestically, putting it on track to lose at least $150 million and become the biggest flop of his career. And a hedge fund with 35 employees just signed the most expensive office lease in New York City history, paying $21 million a year for two floors. Here's what you need to know from today's episode.
The "Air Mattress" Labor Market
Friday's jobs report looked weak on its face — 29,000 new jobs versus the 84,000 forecast — but the hosts argued the headline number is misleading. The unemployment rate remains at 4.2%, and the US is on a record streak of unemployment staying at or below 4.5% since October 2021. The labor market is in a "low hire, low fire" phase, meaning companies aren't adding many roles but also aren't laying people off. Neil called it an "air mattress labor market" — push down and there's some give, but it holds structural integrity.
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What you'll learn
- 1 (00:35) **Show Open & Parallel Parking Championship** - Neil and Toby introduce the episode and discuss Philadelphia's first-ever parallel parking championship.
- 2 (03:50) **September Jobs Report: 29,000 Jobs Added, But Labor Market Stable** - The U.S. added only 29,000 jobs in September, far below the 84,000 expected, but the unemployment rate remains at a historically low 4.2%.
- 3 (08:28) **Tom Cruise's 'Digger' Bombs: On Track for $150M Loss** - Cruise's latest film, a big-budget original, opened to just $8.8 million domestically and is projected to lose at least $150 million, marking the biggest flop of his career.
- 4 (13:22) **Winners of the Weekend: Boeing's 737 Max** - Neil picks Boeing as his winner after a 737 Max survived a harrowing attack and near-crash, rehabilitating its reputation.
- 5 (19:12) **Winners of the Weekend: Hedge Fund Pays $21M/Year for Office** - Toby picks Castlehook Partners, a 35-employee hedge fund, paying a record $350 per square foot for a Manhattan office.
- 6 (23:28) **Week Ahead: Supreme Court Climate Case** - The Supreme Court returns for its fall term with a major climate change case: Boulder, Colorado suing Exxon Mobil and Suncor Energy for alleged damages from extreme weather.
- 7 (24:15) **Week Ahead: Warner Bros.-Paramount Merger Closes** - The biggest takeover in Hollywood history is expected to close Tuesday, creating the new entity Skydance under 43-year-old David Ellison.
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Show Notes
#947: September’s job report falls short of expectations but the labor market is still holding strong. Tom Cruise’s latest dark comedy in ‘Digger’ is on track to becoming a big swing and a miss at the box office. A little known hedge fund smashes rent records by leasing the top floors of a Manhattan skyscraper. A Boeing 737 MAX miraculously stays intact during the nosedive of the harrowing FlyDubai flight. Finally, what you need to know in the week ahead.
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